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POLYTEC GROUP – Results for the first half 2009

Hörsching, August 5, 2009 (VSE: PYT) – Significant impact of the negative economic environment impacted also the results of the second quarter of POLYTEC GROUP. Thus the worldwide slump within the automotive industry lead to a decrease in sales as well as in earnings figures of the Group.

POLYTEC GROUP’s sales were further impacted by a negative market environment in Q2 09, although they showed a slightly positive trend compared to Q1 09 due to our customers’ increased number of production days during the period under review. Group sales dropped by 29.5% to EUR 291.2 million in the first half of 2009 compared to the same period of the previous year. PEGUFORM GROUP’s sales figures were not included due to the planned divestment of this business segment. 

Due to the adoption of counter-measures in Q1 09, which enabled the alignment of costs to the predominant sales development, the group’s earnings situation was slightly improved during Q2 09, with EBITDA amounting to EUR -0.4 million. Cost-cutting measures encompassed the introduction of short-time working schedules, the discontinuation of fixed-term employment contracts as well as the reduction of non-essential capital expenditures. Earnings before interest and taxes (EBIT) amounted to EUR -21.6 million in Q2 09. The net result during the reporting period of the PEGUFORM GROUP, which is categorized as “held for disposal” pursuant to IFRS 5, is included in the net result of the reporting period with a total value of EUR -50.5 million. Net result during the reporting period also encompasses the retirement of fixed assets from the current business for a total amount of EUR -25.5 million as well as the impairment of the PEGUFORM GROUP’s fixed assets for the anticipated disposal gain of EUR ~ 25.0 million. 

Therefore, net loss during the reporting period amounted to EUR -74.6 million. Excluding the PEGUFORM GROUP’s contribution to the net result, which is comparable with the net profit of the previous reporting period after minority interests, the net loss totalled EUR -24.1 million 

Outlook 2009 

As announced in the full-year 2008 and Q1 09 financial reports, group sales in 2009 are not expected to exceed EUR 600 million. For the passenger car segment a slight improvement of the situation is anticipated, as demonstrated by the call-off order figures of POLYTEC’s customers, whereas no short-term recovery for the HGV segment can be expected at present.
Based on the anticipated sales figures, the group will certainly not be able to prevent a negative EBIT in 2009, as announced in the previous interim reports. The ultimate decline in the operating business will mainly depend on the company’s ability to compensate for drops in results especially within the HGV segment with contributions from the customers.

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